ATI (NYSE:ATI) Issues Q1 2024 Earnings Guidance

ATI (NYSE:ATIGet Free Report) issued an update on its first quarter 2024 earnings guidance on Friday morning. The company provided earnings per share guidance of 0.360-0.440 for the period, compared to the consensus earnings per share estimate of 0.530. The company issued revenue guidance of -. ATI also updated its FY 2024 guidance to 2.120-2.520 EPS.

ATI Stock Up 1.6 %

ATI stock opened at $39.15 on Friday. The firm has a fifty day moving average price of $42.77 and a two-hundred day moving average price of $42.76. ATI has a fifty-two week low of $34.10 and a fifty-two week high of $47.92. The company has a debt-to-equity ratio of 1.45, a current ratio of 2.80 and a quick ratio of 1.50. The firm has a market cap of $4.99 billion, a price-to-earnings ratio of 15.60 and a beta of 1.18.

ATI (NYSE:ATIGet Free Report) last posted its quarterly earnings data on Thursday, February 1st. The basic materials company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.02. ATI had a net margin of 8.81% and a return on equity of 24.64%. The company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.05 billion. During the same quarter in the previous year, the firm posted $0.53 EPS. The business’s revenue was up 5.3% compared to the same quarter last year. As a group, analysts forecast that ATI will post 2.38 earnings per share for the current year.

ATI declared that its board has initiated a stock repurchase program on Wednesday, November 29th that authorizes the company to buyback $150.00 million in outstanding shares. This buyback authorization authorizes the basic materials company to reacquire up to 2.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

ATI has been the topic of several research reports. KeyCorp boosted their price objective on shares of ATI from $48.00 to $49.00 and gave the stock an overweight rating in a report on Friday, December 1st. TheStreet raised shares of ATI from a c+ rating to a b- rating in a research note on Friday, January 26th. Finally, Benchmark reissued a buy rating and issued a $53.00 target price on shares of ATI in a research note on Monday, December 4th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, ATI presently has an average rating of Moderate Buy and a consensus target price of $50.33.

Read Our Latest Report on ATI

Insider Activity at ATI

In related news, insider Elliot S. Davis sold 1,789 shares of the company’s stock in a transaction dated Thursday, January 4th. The shares were sold at an average price of $43.06, for a total value of $77,034.34. Following the sale, the insider now owns 136,050 shares of the company’s stock, valued at $5,858,313. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.71% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ATI

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Belpointe Asset Management LLC boosted its position in ATI by 65.3% in the first quarter. Belpointe Asset Management LLC now owns 843 shares of the basic materials company’s stock valued at $33,000 after buying an additional 333 shares in the last quarter. Point72 Middle East FZE acquired a new position in ATI in the fourth quarter valued at about $75,000. NewEdge Advisors LLC boosted its position in ATI by 16.7% in the first quarter. NewEdge Advisors LLC now owns 3,365 shares of the basic materials company’s stock valued at $133,000 after buying an additional 482 shares in the last quarter. Harbour Investments Inc. acquired a new position in ATI in the fourth quarter valued at about $127,000. Finally, Cambridge Investment Research Advisors Inc. acquired a new position in ATI in the first quarter valued at about $209,000.

About ATI

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ATI Inc manufactures and sells specialty materials and components worldwide. It operates in two segments: High Performance Materials & Components (HPMC) and Advanced Alloys & Solutions (AA&S). The HPMC segment produces various materials, including titanium and titanium-based alloys, nickel- and cobalt-based alloys and superalloys, advanced powder alloys and other specialty materials, in long product forms, such as ingot, billet, bar, rod, wire, shapes and rectangles, and seamless tubes, as well as precision forgings, components, and machined parts.

Further Reading

Earnings History and Estimates for ATI (NYSE:ATI)

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